Akoya & Axway partner to help financial institutions leverage Open APIs

By Delisha Fernandes

Akoya announced its partnership with Axway to transform how customer information is shared with third-party applications. Both companies have standardised their APIs to the Financial Data Exchange (FDX) standard, allowing for secure and transparent customer data sharing.

Akoya allows businesses to manage their finances within a unified interface for budgeting, payments, tax planning, and investment management. “Akoya is excited to work with Axway to streamline the integration between financial institutions and FinTech applications,” said Anil Mahalaha, Chief Evangelist at Akoya. “We are focused on giving consumers more visibility into where and how their financial data is used, and we are dedicated to 100% of those data requests going through APIs.”

Amplify Open Banking, built on Axway’s industry-leading Amplify Platform, leverages universal API management and modern marketplace capabilities to publish and facilitate third-party adoption of standardised APIs that drive the open finance economy.

A common FDX API standard is becoming more widely available, allowing financial institutions to share discrete data elements more easily and directly. Fine-grained permissions keep the customer in control and provide faster, more secure connectivity.

“The Axway-Akoya partnership removes the friction of accessing critical customer data that drives business,” said Laurent Van Huffel, VP of Financial Services Axway . “Axway enables financial institutions to stay in control of their destiny by providing them with an FDX-ready platform, including consent management and integration with their core banking applications, to become an open banking provider, while Akoya securely consumes the FDX APIs published in the Amplify digital portal to present the data to the FinTech aggregator community.”

As North America prepares for upcoming regulation, Akoya and Axway aim to help financial institutions tap into the power of the open finance ecosystem and unlock new business models.